LOUISVILLE, Ky. (WAVE) – 502 Black Business Week started in 2018 with 14 companies participating.
Today there are over eight times more of them, and the rapid growth suggests that this idea is long overdue.
“There is a huge wealth gap in this country in black household income versus white household income,” said marketing consultant and creator of 502 Black Business Week, Tiandra Robinson. “So one of the ways we’re trying to shut it down is through Black entrepreneurship. Again, if we do not have access to certain resources and funds, it is difficult for us to do so. “
The Brookings Institution report, published in February, confirms what the owners of black businesses already know.
When you need money to make money, black entrepreneurs are less likely to find the capital they need and more likely to experience financial challenges.
“For most black-owned companies to be successful, they need a wide range of people to support their business,” said Robinson. “And I always tell people they belong to black people, they don’t mean only black people. So if your money is green, they need you to come and spend with it.
This weekly event also provides exposure for businesses that may not have the budget to sell to a wider customer base.
“It’s very difficult, so I promote a lot on social media,” said William McCathern, owner of Huge Impact at 566 S 5th St.
McCathern owns two Huge Impact restaurants in Indianapolis and has been operating in Louisville for a year. He hopes the event will encourage more people to try his food.
“They’re a little hesitant at the door, but once they smell and look at the menu, they come in and sit down and enjoy their food,” said McCathern.
You can find a list of participating companies by clicking or tapping here.
502 Black Business Week coincides with the week of June, which is known as the official end of slavery in the United States.
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